General Growth Properties Settles Lawsuit Over Strong Arm Methods

Chicago-based General Growth Properties (GGP) agreed to settle a lawsuit for $48 million over alleged strong arm tactics.

GGP, the beleaguered developer of the troubled Elk Grove Promenade was accused by the owners of the Glendale (Calif) Galleria of attempting to stong-arm The Cheesecake Restaurant chain from locating at the Galleria. GGP was found guilty in a jury trial of threatening Cheesecake Factory's leases at other GGP malls if they located at the Galleria.

The initial jury award in November, 2007 was for $89 million. GGP agreed to the lower settlement and dropped it's appeal.